Machine Learning and Ethics: The Future of Fighting Model Bias and Payments Fraud
The world is moving fast to operate in real time, but so is payments fraud. Traditional machine learning methods cannot keep pace with the huge volumes of transactions and rapidly changing fraud patterns. The systems are surprisingly unadaptable, unautomated, and unexplainable, leading to operational, technical, and ethical challenges for financial institutions (FIs). In this age of change, maintaining customer trust is an imperative for FIs. Speakers in this session demonstrate how having machine learning capabilities combined with the appropriate level of explanation and ethics is key to effectively avoiding model bias and offering more accurate fraud detection.